You'd be forgiven for not knowing exactly what Color is or does. The sordid history of this app, and its parent company Color Labs, is a complicated one. Headed by Bill Nguyen, famous for founding Lala, the incredible music streaming service that was purchased by Apple and promptly closed down, Color Labs received $41 million in funding for its initial app Color for Facebook. Several fundamental changes and a year and a half later, the company is reportedly going to close the books on itself.